Legalize / Ireland / Act

FINANCE ACT 2017

Type Act

Publication 2017-12-25

Last updated 2019-12-22

State In force superseded text

Text As published

Source Irish Statute Book

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articles 88

This is the act as published. Later amendments are not folded into the text below: each one is a separate act in this repository and an entry in this law's history.

2 amending acts · 2019-12-22, Finance Act 2019

Act to provide for the imposition, repeal, remission, alteration and regulation of taxation, of stamp duties and of duties relating to excise and otherwise to make further provision in connection with finance including the regulation of customs

Reform history JSON API

“83D. (1) (a) In this section—

‘appropriate part’, in relation to land, means the whole or, as the case may be, the part of the land to which the relevant residential development, the subject of a claim for repayment under this section, relates;

‘building control authority’ has the meaning given to it by section 2 of the Building Control Act 1990;

‘completion certificate’ means a Certificate of Compliance (within the meaning of article 5 of the Regulations of 1997)—

(a) submitted on completion to a building control authority, and

(b) the particulars of which are entered by that authority on the register maintained under Part IV of the Regulations of 1997,

in accordance with article 20F of those Regulations;

‘commencement notice’ means—

(a) a commencement notice within the meaning of article 8, or

(b) a 7 day notice (within the meaning of article 5 of the Regulations of 1997) required under article 20A of the Regulations of 1997,

that is acknowledged by a building control authority in accordance with article 10(2) or 20A(3), as the case may be, of those Regulations;

‘construction operations’, in relation to a residential development or relevant residential development, means the construction of buildings or structures including the preparatory operations of site clearance, drainage, earth-moving, excavation, laying of foundations and the provision of roadways and other access works;

‘dwelling unit’ means—

(a) a building or part of a building used or suitable for use as a dwelling, and

(b) the curtilage of the dwelling, up to an area (exclusive of the site of the dwelling unit) of 0.4047 hectares;

‘gross floor space’ in relation to a dwelling unit means the area ascertained by the internal measurement of the floor space on each floor of a building, including internal walls and partitions;

‘land’, where used without qualification, means the land that is conveyed or transferred by an instrument;

‘planning permission’ has the meaning given to it by section 2 of the Planning and Development Act 2000;

‘Regulations of 1997’ means the Building Control Regulations 1997 (S.I. No. 496 of 1997);

‘residential development’ means the construction of one or more dwelling units and references to ‘relevant residential development’ shall be construed in accordance with paragraph (b).
(b) References in this section to ‘relevant residential development’ shall be construed—

(i) in a case in which a claim for a repayment under subsection (8) is, pursuant to subsection (7)(b), made in respect of such of the construction operations as for the time being are being carried out pursuant to a particular commencement notice, as references to the residential development that comprises those construction operations, or

(ii) in either—

(I) a case in which, as mentioned in subsection (7)(b), the making of a claim for repayment under subsection (8) is deferred until completion of the residential development concerned, or

(II) a case in which the residential development concerned is not carried out in a phased manner,

as references to the entire of the residential development concerned.

(c) Without prejudice to subsection (4)(i), for the purposes of this section relevant residential development shall be regarded as completed if there exists in respect of the development a completion certificate.

(2) In this section a reference to an instrument is a reference to an instrument executed on or after 11 October 2017 that has been stamped in accordance with paragraph (4) of the heading in Schedule 1 titled ‘CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance.’ where—

(a) the instrument was chargeable to stamp duty at a rate of 6 per cent, and

(b) the property so conveyed or transferred was land.

(3)

(a) Subject to subsection (18) and the other provisions of this section, stamp duty paid on an instrument may be repaid in accordance with this section in relation to the land if construction operations on the land commence pursuant to a commencement notice within the period of 30 months following the date of execution of the instrument.

(b) If the residential development concerned is carried out in a phased manner such that there are 2 or more commencement notices in respect of the construction operations on the land, the reference in paragraph (a) to a commencement notice is a reference to the first of those commencement notices.

(c) Notwithstanding paragraph (a), the stamp duty repaid under this section shall be liable to the clawback provided for in subsection (12) if—

(i) the relevant residential development specified in a commencement notice is not completed within the period of 2 years after the date of the sending by a building control authority, in accordance with article 10(2) or 20A(3)(b), as the case may be, of the Regulations of 1997, of an acknowledgment in relation to that notice, or

(ii) when completed, the relevant residential development on the land, being the land to which that relevant residential development relates, is not such that—

(I) at least 75 per cent of the total surface area of that land is occupied by dwelling units, or

(II) the gross floor space of dwelling units amounts to at least 75 per cent of the total surface area of that land,

and subparagraphs (i) and (ii) are subsequently referred to in this section as the conditions for the avoidance of a clawback under this paragraph.
(4) Where—

(a) the land is acquired for the purpose of constructing a single dwelling unit, and

(b) a declaration of intention to opt out of statutory certification submitted in accordance with article 9(5) of the Regulations of 1997 has been included on the public register in accordance with paragraph (10) of article 20F of those Regulations,

then—
- (i) the dwelling unit specified in a commencement notice shall, for the purposes of this section, be treated as completed when a completion certificate is issued under subsection (13) or (14) of section 9D of the Electricity Regulation Act 1999 not later than 2 years after the date of sending by a building control authority, in accordance with article 10(2) or 20A(3)(b), as the case may be, of the Regulations of 1997, of an acknowledgment in relation to that commencement notice, and

- (ii) subsection (3)(c)(ii) shall not apply.
(5)
(a) Where the satisfaction of any of the following—

(i) the condition specified in paragraph (a) of subsection (3),

(ii) the conditions for the avoidance of a clawback under paragraph (c) of that subsection, or

(iii) the condition specified in subsection (4)(i),

is prevented by—
- (I) an appeal made under section 7 of the Building Control Act 1990, or

- (II) an order made by a court requiring that construction operations cease to be carried out,

  the period commencing on the making of the appeal or the making of the order by the court and ending on the determination of the appeal or the discharge of the order shall not be reckoned for the purpose of computing the period of 30 months specified in subsection (3)(a) or the period of 2 years specified in subsection (3)(c)(i) or (4)(i).
(b) Subsection (18) shall apply notwithstanding the effect provided for by paragraph (a) in relation to the periods referred to in that paragraph.
(6)

(a) The amount to be repaid in accordance with this section shall be determined by the formula—

A x B x ⅔

where—

A is the amount of stamp duty paid, at the rate of 6 per cent, on the instrument, and

B is the proportion of the area of the land represented by the appropriate part, expressed as a fraction.

(b) In relation to the construction of a single dwelling unit—

(i) a claim for a repayment under this section shall not include any stamp duty attributable to any part of the land not occupied by the dwelling unit, and

(ii) for the purposes of the formula in paragraph (a), B is the proportion of the land occupied by the dwelling unit.

(7)

(a) A claim for a repayment under this section shall be made in accordance with subsection (8).

(b) If the residential development concerned is carried out in a phased manner such that there are 2 or more commencement notices in respect of the construction operations on the land, subsection (8) shall, without prejudice to the accountable person’s right to defer making a claim until completion of the residential development concerned, be construed as enabling a claim to be made in respect of such of the construction operations as for the time being are being carried out pursuant to a particular commencement notice.

(8) A claim for a repayment under this section shall—

(a) be made by an accountable person,

(b) without prejudice to paragraph (d), be made in a form and manner specified by the Commissioners,

(c) include a statutory declaration, in such form as the Commissioners specify, stating—

(i) that the condition specified in subsection (3)(a) has been satisfied, and

(ii) where a claim relates to a part of the stamp duty paid on the stamping of an instrument, the proportion of the area of the land represented by the appropriate part, or as the case may be, the proportion of the land occupied by the single dwelling unit,

(d) be made by electronic means and through such electronic systems as the Commissioners may make available for the time being for any such purpose, and the relevant provisions of Chapter 6 of Part 38 of the Taxes Consolidation Act 1997 shall apply,

(e) not be made until such time as construction operations have commenced pursuant to a commencement notice.

(9) For the purposes of satisfying themselves that either the conditions for the making of a repayment under this section or the conditions for the avoidance of a clawback under paragraph (c) of subsection (3) are satisfied, the Commissioners may specify documents and particulars to be submitted by an accountable person, including the following:

(a) a copy of any commencement notice;

(b) a copy of any acknowledgement sent by a building control authority in accordance with article 10(2) or 20A(3)(b), as the case may be, of the Regulations of 1997;

(c) a copy of any planning permission;

(d) the number and gross floor space of dwelling units constructed; and

(e) the area of the land expressed in hectares.

(10) Subject to the requirements of this section, a repayment of stamp duty under this section shall—

(a) be made by the Commissioners pursuant to a claim made in accordance with subsection (8),

(b) not carry interest, and

(c) not be made after the expiry of 4 years following, in relation to the relevant residential development, the date of acknowledgement by a building control authority in accordance with article 10(2) or 20A(3)(b), as the case may be, of the Regulations of 1997 and this paragraph applies notwithstanding anything in subsection (7)(b).

(11)

(a) Where the Commissioners are of the opinion that the requirements of this section have not been met in relation to a claim for repayment, they shall decide to refuse the claim and shall notify the claimant in writing of the decision and the reasons for it.

(b) An accountable person aggrieved by a decision to refuse a claim for repayment, may appeal to the Appeal Commissioners against the decision in accordance with section 949I of the Taxes Consolidation Act 1997, within the period of 30 days after the date of the notification of the decision.

(12)

(a) In either a case in which any of the requirements of this section in relation to an accountable person’s eligibility for a repayment of stamp duty are not met or the conditions specified in paragraph (c) of subsection (3) for the avoidance of a clawback under that paragraph are not satisfied, an accountable person shall be liable to pay to the Commissioners the stamp duty that had been repaid under subsection (10) to the accountable person (and that stamp duty to which the foregoing liability attaches is referred to in this section as a ‘clawback’).

(b) Interest shall be payable on the clawback calculated in accordance with section 159D from the date on which the repayment was made to the date of payment of the clawback to the Commissioners.

(13)

(a) Where an accountable person fails to pay the clawback, the Commissioners may make an assessment of the amount of the stamp duty concerned as if the failure to pay were a failure to deliver a return under section 20(2).

(b) Where there is more than one accountable person in relation to an instrument and a clawback, they shall be liable jointly and severally whether or not an assessment is made.

(14) For the purposes of this section, section 128A shall apply as if the period of 6 years referred to in subsection (4) of that section commenced on the date of acknowledgement, in relation to the residential development concerned, by a building control authority in accordance with article 10(2) or 20A(3)(b), as the case may be, of the Regulations of 1997.

(15) The submission to the Commissioners of an incorrect statement, document or particulars under this section shall be deemed to constitute the delivery of an incorrect statement for the purposes of section 1078(2) of the Taxes Consolidation Act 1997.

(16)

(a) Where a repayment has been made under this section and it is subsequently found that a declaration made in accordance with subsection (8)—

(i) was untrue in any material particular that would have resulted in a repayment, or part of a repayment, allowed by this section not being made, and

(ii) was made knowing same to be untrue or in reckless disregard as to whether or not it was true,

then the person who made such a declaration shall be liable to pay to the Commissioners as a penalty an amount equal to 125 per cent of the stamp duty that would not have been repaid had all the facts been truthfully declared, together with interest charged on that amount as may so become payable, calculated in accordance with section 159D, from the date on which the repayment was made to the date the penalty is paid.

(b) A person shall not be liable to a clawback under subsection (12), or a penalty under paragraph (a), as the case may be, if and to the extent that such person has paid—

(i) a penalty under paragraph (a), or

(ii) a clawback under subsection (12).

(17)

(a) Notwithstanding any enactment or rule of law, the Commissioners may, by notice in writing, request a building control authority to provide them with such information as is in the possession or control of the building control authority as the Commissioners may reasonably require for the purposes of verifying—

(i) that a thing referred to in the definition of ‘commencement notice’ in subsection (1)(a) exists or has been done,

(ii) the commencement of construction operations,

(iii) the completion of residential development, or

(iv) the proportion of the land occupied by dwelling units.

(b) Where the Commissioners make a request under paragraph (a), the building control authority concerned shall provide such information as may be specified in the notice within the period specified in the notice which period, in any case, shall not be less than 30 days.

(c) Taxpayer information within the meaning of section 851A(1) of the Taxes Consolidation Act 1997 may be disclosed by an officer of the Revenue Commissioners to a building control authority for the purposes of enabling the building control authority to comply with a request made under paragraph (a).

(18) This section shall not apply to construction operations comprising relevant residential development commenced, pursuant to a commencement notice, after 31 December 2021.”.

62. Shares deriving value from immovable property situated in State

62. (1) The Principal Act is amended—

(a) by inserting the following section after section 31B:

“Shares deriving value from immovable property situated in State

31C. (1) (a) In this section—

‘Act of 1997’ means the Taxes Consolidation Act 1997;

‘arrangement’ includes any agreement, understanding, scheme, transaction or series of transactions;

‘company’ has the same meaning as in section 4 of the Act of 1997;

‘connected person’ has the same meaning as in section 10 of the Act of 1997 and a person who is connected shall be construed accordingly;

‘development’, in relation to immovable property, means—

(a) the construction, demolition, extension, reconstruction of, or the material alteration or refurbishment of, any building, or

(b) the carrying out of any engineering or other operation to adapt the immovable property for materially altered use, and developed and developing shall be construed accordingly;

‘immovable property’ means immovable property situated in the State that is not residential property;

‘interest’, in relation to a partnership, means a partner’s share or interest in a partnership;

‘IREF’, subject to paragraph (b), has the same meaning as in section 739K(1) of the Act of 1997;

‘units’ has the same meaning as in section 88(1)(a).

(b) For the purposes of the definition of ‘IREF’ in paragraph (a), the definition of ‘IREF’ in section 739K(1) of the Act of 1997 shall be read as if there were inserted after the words ‘investment undertaking’ in the first four places where they occur the words ‘or collective investment scheme to which section 88(1)(b)(ii) applies’.

(c) For the purposes of this section, where a company, IREF, partnership or a connected person secures the development of any immovable property, the company, IREF or partnership shall be regarded as developing that immovable property.

(d) For the purposes of this section, if, by any one or more transactions or by any arrangement or scheme, whether concerning the immovable property or stocks, marketable securities, units or interests deriving value from that immovable property, there is a disposal of the immoveable property or a transfer of control over that immoveable property, that disposal or transfer, as the case may be, shall be a disposal for the purposes of this section.

(2)

(a) This section applies in relation to—

(i) stocks or marketable securities in a company, other than an investment undertaking within the meaning of section 739B of the Act of 1997 that is not an IREF,

(ii) units in an IREF, or

(iii) interests in a partnership,

that derive their value, or the greater part of their value, directly or indirectly, from immovable property.

(b) For the purposes of paragraph (a), a reference to deriving value indirectly from immovable property shall include value that is derived from stocks, marketable securities, units or interests in relation to which this section applies.

(c) Where the company, IREF or partnership referred to in paragraph (a) (referred to in this subsection as ‘the first-mentioned company, IREF or partnership’) derives its value from stocks, marketable securities, units or interests in a company, IREF or partnership (referred to in this subsection as ‘the second-mentioned company, IREF or partnership’), the circumstances in subsection (6) shall be deemed to apply to the first-mentioned company, IREF or partnership where they apply to the second-mentioned company, IREF or partnership.

(3) Where stocks, marketable securities, units or interests in relation to which this section applies were owned at one time by one person, or by persons who are acting in concert or who are connected persons, and are conveyed or transferred by that person or those persons in parts—

(a) to another person, or

(b) to other persons who are acting in concert or who are connected persons,

whether or not on the same or different occasions, the several conveyances or transfers shall, for the purposes of this section, be treated as a single conveyance or transfer.

(4) Notwithstanding section 88 or the charge to stamp duty applied under the Heading ‘CONVEYANCE or TRANSFER on sale of any stocks or marketable securities’ in Schedule 1, where the circumstances in—

(a) subsection (5), and

(b) subsection (6),

apply, the conveyance or transfer on sale concerned shall be chargeable to stamp duty under paragraph (4) of the Heading ‘CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance.’ in Schedule 1.

(5) The circumstances referred to in subsection (4)(a) are that—

(a) there exists a conveyance or transfer on sale of stocks or marketable securities, units or interests in relation to which this section applies, and

(b) such conveyance or transfer on sale results in a change in the person or persons having direct or indirect control over the immovable property concerned.

(6) The circumstances referred to in subsection (4)(b) are that it would be reasonable to consider that the immovable property concerned—

(a) was acquired by the company, IREF or partnership, as the case may be, with the sole or main object of realising a gain from its disposal,

(b) was or is being developed by the company, IREF or partnership, as the case may be, with the sole or main object of realising a gain from its disposal when developed, or

(c) was held as trading stock (within the meaning of section 89 of the Act of 1997) by the company, IREF or partnership, as the case may be.

(7) Where—

(a) there is a change in the ownership of a company, IREF or partnership in relation to which this section applies that results in a change in the person or persons having direct or indirect control over immovable property,

(b) the circumstances set out in subsection (6) apply to the company, IREF or partnership concerned, and

(c) any contract or agreement relating to stocks, marketable securities, units or interests, giving direct or indirect effect to such change is not otherwise chargeable to stamp duty,

then the contract or agreement shall be treated as a conveyance or transfer on sale for the purposes of subsection (5).

(8) In calculating the part of the value of the stocks, marketable securities, units or interests that is derived, directly or indirectly, from immovable property situated in the State—

(a) account shall not be taken of any arrangement that—

(i) involves a transfer of money or other assets, apart from immovable property, from a person who is connected with the company, IREF or partnership, as the case may be, in which those stocks, marketable securities, units or interests are held,

(ii) is made before a conveyance or transfer on sale of stocks, marketable securities, units or interests in relation to which this section applies, and

(iii) the main purpose or one of the main purposes of which is the avoidance of liability to any tax or duty,

and

(b) regard shall be had to the gross value of the immovable property from which that value is derived.

(9) Stocks, marketable securities, units or interests in relation to which this section applies shall be deemed to be land for the purposes of subsection (1)(b) of section 83D (inserted by section 61 of the Finance Act 2017) where, following the conveyance or transfer on sale, the immovable property concerned satisfies the conditions for a repayment under that section.”,

and

(b) in section 88(1)(b) by substituting “Subject to subsection (2) and section 31C (inserted by section 62 of the Finance Act 2017)” for “Subject to subsection (2)”.

(2)
(a) Subject to paragraph (b), subsection (1) shall have effect as respects any instrument executed on or after 6 December 2017.

(b) Subsection (1) shall not have effect as respects any instrument executed before 1 March 2018, where—

(i) the effect of the application of subsection (1) would be to increase the duty otherwise chargeable on the instrument, and

(ii) the instrument contains a statement, in such form as the Revenue Commissioners may specify, certifying that the instrument was executed solely in pursuance of a binding contract entered into before 6 December 2017.

63. Miscellaneous stamp duty amendments

63. The Principal Act is amended—

(a) in section 1(1), by inserting the following definition:

“ ‘Revenue officer’ means an officer of the Commissioners;”,

(b) in section 14A, by substituting the following for subsection (3):

“(3) Where an accountable person fails to cause the delivery of an electronic return or a paper return in relation to an instrument on or before the specified return date, any amount of stamp duty chargeable which, apart from this section, is contained in an assessment of stamp duty made under section 20 shall be increased by an amount (in this subsection referred to as a ‘surcharge’) equal to—

(a) 5 per cent of that amount of duty, subject to a maximum surcharge of €12,695, where the return is delivered before the expiry of 2 months from the specified return date, and

(b) 10 per cent of that amount of duty, subject to a maximum surcharge of €63,485, where the return is not delivered before the expiry of 2 months from the specified return date.”,

“(10) An assessment of stamp duty shall, where subsection (3) of section 14A applies, include any surcharge within the meaning of that subsection.”,

(d) in section 134A, by inserting the following after subsection (13):

“(14) Subject to section 1077D(2) of the Taxes Consolidation Act 1997, proceedings for the recovery of any penalty under this section shall not be out of time by reason that they are commenced after the time allowed by section 1063 of that Act as applied by section 133.”,

(e) by substituting the following for section 158A:

“158A. (1) Subject to subsection (2), any act to be performed or function to be discharged by the Commissioners under this Act may be performed or discharged by any one or more of their officers acting under their authority.

(2) The general delegation referred to in subsection (1) shall not apply in the case of—

(a) the authorisation of Revenue officers to perform any act or function that requires authorisation to be given by the Commissioners, and

(b) the making of regulations under this Act.”,

and

(f) in section 159C(1), by substituting the following for the definition of “relevant period”:

“ ‘relevant period’, in relation to a relevant instrument, means the period of 4 years commencing on—

(a) (i) subject to paragraph (b), the date the instrument was stamped by the Commissioners,

(ii) the date the statement was delivered to the Commissioners, or

(iii) the date the instruction was made,

or

(b) the latest date on which all of the conditions were required to be satisfied for a relief or exemption;”.

64. Amendment of section 106B of Principal Act (housing authorities and Affordable Homes Partnership)

64. Section 106B(1) of the Principal Act is amended by substituting the following for paragraph (b):

“(b) the Housing and Sustainable Communities Agency established under Article 4 of the Housing and Sustainable Communities Agency (Establishment) Order 2012 (S.I. No. 264 of 2012).”.

65. Amendments in relation to certain farming reliefs

65. (1) Section 81AA of the Principal Act is amended by substituting the following for subsection (8):

“(8) This section applies to any instrument which operates as a conveyance or transfer (whether on sale or as a voluntary disposition inter vivos) of an interest in land to a young trained farmer where—

(a) it is the intention of the young trained farmer, for a period of 5 years from the date of execution of the instrument to—

(i) spend not less than 50 per cent of his or her normal working time farming the land, and

(ii) retain ownership of the land,

(b) the young trained farmer submits a business plan to Teagasc before the execution of the instrument concerned, and

(c) the young trained farmer comes within the meaning of ‘micro, small and medium-sized enterprises’ in Annex 1 of Commission Regulation (EU) No. 702/2014 of 25 June 2014 ¹⁹.”.

(2) Section 851A(8) of the Taxes Consolidation Act 1997 is amended—

(a) in paragraph (k), by substituting “purpose,” for “purpose, and”,

(b) in paragraph (l), by substituting “Marine,” for “Marine.”, and

“(m) where relief is granted under section 81D of the Stamp Duties Consolidation Act 1999 and the information is disclosed only to the Minister for Agriculture, Food and the Marine for the sole purpose of complying with Commission Regulation (EU) No. 1408/2013 of 18 December 2013 ²⁰,”.

66. Amendment of section 79 of Principal Act (conveyances and transfers of property between certain bodies corporate)

66. Section 79 of the Principal Act is amended—

(a) by inserting the following after subsection (7):

“(7A) Where a transferor—

(a) is liquidated, or

(b) is dissolved without going into liquidation and a conveyance or transfer has been effected as a result of a merger by absorption (within the meaning of section 463 or 1129 of the Companies Act 2014) by reason of which the foregoing dissolution of the transferor has taken place,

the transferor and the transferee shall, for the purposes of subsections (5)(c) and (7)(b), not be regarded as ceasing to be associated where, for a period of 2 years from the date of the conveyance or transfer—
- (i) the beneficial interest that was conveyed or transferred from the transferor continues to be held by the transferee, and

- (ii) the beneficial ownership of the ordinary share capital of the transferee remains unchanged.
(7B) This section shall not apply unless the conveyance or transfer of a beneficial interest in property, or the liquidation referred to in subsection (7A)(a), is effected for bona fide commercial reasons and does not form part of a scheme or arrangement of which the main purpose, or one of the main purposes, is the avoidance of liability to any tax or duty.”,

and

(b) by inserting the following after subsection (10):

“(11) In the case of—

(a) a merger undertaken in accordance with Chapter 3 of Part 9 of the Companies Act 2014—

(i) the resolution referred to in paragraph (a)(ii) of section 202(1) of that Act, in the case of a merger effected by way of the summary approval procedure (within the meaning of section 202 of that Act), or

(ii) the order made under section 480(2) of that Act, in the case of a merger effected otherwise than by way of the summary approval procedure (within the foregoing meaning),

shall be regarded as a conveyance on sale, or

(b) a merger undertaken in accordance with Chapter 16 of Part 17 of the Companies Act 2014, the order made under section 1144 of that Act shall be regarded as a conveyance on sale.”.

67. Amendment of section 80 of Principal Act (reconstructions or amalgamations of companies)

67. Section 80 of the Principal Act is amended—

(a) by substituting the following for subsections (1) to (6):

“(1)

(a) In this section—

‘acquiring company’ means, subject to paragraph (b), a company with limited liability;

‘merger’ means a merger undertaken in accordance with Chapter 3 of Part 9 or Chapter 16 of Part 17 of the Companies Act 2014;

‘shares’ includes stock;

‘successor company’ and ‘transferor company’ have the meanings given to them by section 461 of the Companies Act 2014;

‘undertaking’ includes part of an undertaking.

(b) References in this section to a company shall be construed as including references to a society registered under the Industrial and Provident Societies Act 1893.

(2)

(a) This subsection applies where there is a scheme for the bona fide reconstruction of any company or the amalgamation of any companies and where, in connection with the scheme, the following conditions apply:

(i) a company with limited liability is to be registered, or a company has been established by Act of the Oireachtas, or the nominal share capital of a company has been increased,

(ii) the company (in this section referred to as the ‘acquiring company’) is to be registered or has been established or has increased its capital with a view to the acquisition of either—

(I) the undertaking of a particular existing company (in this section referred to as the ‘target company’), or

(II) not less than 90 per cent of the issued share capital of a target company,

and

(iii) the consideration for the acquisition (except such part of that consideration as consists in the transfer to or discharge by the acquiring company of liabilities of the target company) consists as to not less than 90 per cent of that consideration—

(I) where an undertaking is to be acquired, in the issue of shares in the acquiring company to the target company or to holders of shares in the target company, or

(II) where shares are to be acquired, in the issue of shares in the acquiring company to the holders of shares in the target company in exchange for the shares held by them in the target company.

(b) For the purposes of paragraph (a)(i) in so far as it relates to a company with limited liability that is to be registered, a company with limited liability does not include a private company limited by shares to which Part 2 of the Companies Act 2014 applies.

(c) For the purposes of paragraph (a)(i), a company that has issued any share capital shall be treated as if it had increased its nominal share capital.

(3) Subsection (2) shall not apply unless—

(a) it is provided by the memorandum of association of the acquiring company or the Act establishing the acquiring company that one of the objects for which the company is formed is the acquisition of the undertaking of, or shares in, the target company, or

(b) it appears from the resolution, Act or other authority for the increase of the capital of the acquiring company that the increase is authorised for the purpose of acquiring the undertaking of, or shares in, the target company.

(4) This subsection applies where—

(a) a merger is undertaken, and

(b) the successor company is a private company limited by shares, a designated activity company or a public limited company that is not an investment company within the meaning of section 2, 963 or 1001, respectively, of the Companies Act 2014.
(5) Where subsection (2) or (4) applies, and subject to this section, stamp duty under the following headings in Schedule 1—

(a) ‘CONVEYANCE or TRANSFER on sale of any stocks or marketable securities.’,

(b) ‘CONVEYANCE or TRANSFER on sale of a policy of insurance or a policy of life insurance where the risk to which the policy relates is located in the State.’, or

(c) ‘CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance.’,

shall not be chargeable on any instrument made for the purposes of or in connection with—
- (i) the transfer of the undertaking or shares, or

- (ii) the assignment of any debts, whether such debts are debts of the target company assigned to the acquiring company or, as the case may be, debts of the transferor company assigned to the successor company as a result of the merger.
(6) In the case of an instrument made for the purposes of or in connection with a transfer to a company (within the meaning of the Companies Act 2014), subsection (5) shall not apply unless the instrument is executed within the period of 12 months from the date of the registration of the acquiring company or the date of the resolution to increase the nominal share capital of the acquiring company.

(7)

(a) This subsection applies to any property, an instrument for the conveyance of which is chargeable to stamp duty under or by reference to the following heading in Schedule 1, namely: ‘CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance.’.

(b) Subsection (5) shall not apply to an instrument made for the purposes of or in connection with the transfer of an undertaking that includes any property to which this subsection applies, where a conveyance of that property has not been obtained by, as the case may be, the target company or the transferor company prior to the date of the execution of the instrument.”,

(b) in subsection (8)—

(i) in paragraphs (b) and (c) by substituting “, liquidation or merger” for “or liquidation”, and

(ii) by substituting “subsection (5)” for “subsection (2)”,

and

“(11) In the case of—

(a) a merger undertaken in accordance with Chapter 3 of Part 9 of the Companies Act 2014—

(i) the resolution referred to in paragraph (a)(ii) of section 202(1) of that Act, in the case of a merger effected by way of the summary approval procedure (within the meaning of section 202 of that Act), or

(ii) the order made under section 480(2) of that Act, in the case of a merger effected otherwise than by way of the summary approval procedure (within the foregoing meaning),

shall be regarded as a conveyance on sale, or

(b) a merger undertaken in accordance with Chapter 16 of Part 17 of the Companies Act 2014, the order made under section 1144 of that Act shall be regarded as a conveyance on sale.

(12) This section shall not apply unless the scheme of reconstruction or amalgamation or the merger is effected for bona fide commercial reasons and does not form part of a scheme or arrangement of which the main purpose, or one of the main purposes, is avoidance of liability to any tax or duty.”.

68. Farm consolidation relief

68. (1) Section 81C of the Principal Act is amended—

(a) by substituting “24 months” for “18 months” in each place where it occurs,

(b) in subsection (1)(a)—

(i) by deleting the definition of “PPS Number”, and

(ii) in the definition of “relevant period”—

(I) by substituting “1 January 2018” for “1 July 2007”, and

(II) by substituting “31 December 2020” for “30 June 2009”,

(c) in subsection (3), by substituting “at the rate of one per cent on an instrument executed on or after 1 January 2018” for “on the instrument”,

(d) by substituting the following subsection for subsection (6):

“(6) A claim for relief under subsection (3) or a claim for relief by way of repayment under subsection (5), made to the Commissioners under this section, shall be allowed where it is the intention of the person purchasing the land to—

(a) retain ownership of his or her interest in the qualifying land, and

(b) use the qualifying land for farming,

for a period of not less than 5 years from the date on which the first claim for relief in respect of the qualifying land is made.”,

(e) by substituting the following subsection for subsection (7):

“(7) This section shall not apply to an instrument unless it contains a certificate, by the person or persons to whom the land is conveyed or transferred by the instrument, to the effect that that person is or those persons are, as the case may be, entitled to claim relief in accordance with this section.”,

(f) by deleting subsection (8),

(g) in subsection (9)(c)—

(i) by substituting “a certificate referred to in subsection (7)” for “a declaration referred to in paragraph (d) or (e) of subsection (6)”,

(ii) by substituting “the person or persons to whom the land is conveyed or transferred by the instrument” for “the person or persons who made such a declaration”, and

(iii) by deleting “due to all the facts not having been truthfully declared”,

(h) by deleting subsection (9)(d),

(i) in subsection (10)—

(i) in paragraph (b), by substituting “under paragraph (a) or (c)” for “under paragraph (a), (c) or (d)”,

(ii) in paragraph (c), by substituting “under paragraph (c) of subsection (9), and” for “under paragraph (c) or (d) of subsection (9),”,

(iii) in paragraph (d), by substituting “under paragraph (a) of subsection (9).” for “under paragraph (a) or (d), as the case may be, of subsection (9), and”, and

(iv) by deleting paragraph (e),

and

(j) in subsection (12)—

(i) by substituting “1 January 2018” for “1 July 2007”, and

(ii) by substituting “31 December 2020” for “30 June 2011”.

(2) Subsection (1) comes into operation on such day as the Minister for Finance may appoint by order.

PART 5 Capital Acquisitions Tax

69. **Interpretation (Part 5)**

69. In this Part “Principal Act” means the Capital Acquisitions Tax Consolidation Act 2003.

70. Amendment of section 85 of Principal Act (exemption relating to retirement benefits)

70. Section 85 of the Principal Act is amended in subsection (1)—

(a) in paragraph (a) by substituting “Taxes Consolidation Act 1997,” for “Taxes Consolidation Act 1997, or”,

(b) in paragraph (b)—

(i) by substituting “under subsection (4) or (4B), as the case may be, of section 787G of that Act” for “under section 787G(4) of that Act”, and

(ii) by substituting “to an individual, or” for “to an individual,”,

and

“(c) a vested RAC within the meaning of section 787O(1) of the Taxes Consolidation Act 1997,”.

71. Amendment of section 86 of Principal Act (exemption relating to certain dwellings)

71. Section 86 of the Principal Act is amended—

(a) by substituting the following for subsection (5):

“(5) For the purposes of subsection (4), a dwelling house shall not be regarded as a relevant dwelling house where it is taken—

(a) by way of a gift, or

(b) under a disposition referred to in paragraph (c) of section 3(1),

unless it is taken by a dependent relative under subsection (9).”,

and

(b) in subsection (9)(c) by inserting “or inheritance” after “a gift”.

72. Amendment of section 89 of Principal Act (provisions relating to agricultural property)

72. Section 89 of the Principal Act is amended by inserting the following after subsection (1A):

“(1B)

(a) In this subsection—

(i) ‘solar panel’ means ground-mounted equipment used to capture solar energy and convert it into electrical energy together with ancillary equipment used to harness, store and transfer the electrical energy;

(ii) a reference to ‘agricultural land’ is to agricultural land comprised in a gift or inheritance.

(b) Notwithstanding that solar panels are installed on agricultural land, subject to paragraph (d), the land shall be regarded as agricultural land for the purposes of the definition of ‘agricultural property’ in subsection (1).

(c) Where agricultural land on which solar panels are installed is leased, subject to the conditions specified in paragraph (iii) of subsection (1)—

(i) the lessor shall be regarded as having leased the whole or substantially the whole of the agricultural property where less than this amount has been leased, and

(ii) the lessee shall be regarded as satisfying the conditions specified in paragraph (i) or (ii) of subsection (1), as the case may be.

(d) Paragraphs (b) and (c) shall not apply where—

(i) solar panels are installed on more than half the total area of the agricultural land concerned, or

(ii) in relation to the individual referred to in the definition of ‘farmer’ in subsection (1), the conditions specified in paragraph (i), (ii) or (iii) of subsection (1), as the case may be, are not satisfied with regard to the agricultural land on which solar panels are not installed.”.

PART 6 Miscellaneous

73. **Interpretation (Part 6)**

73. In this Part “Principal Act” means the Taxes Consolidation Act 1997.

74. Amendment of section 122 of Principal Act (preferential loan arrangements)

74. Section 122 of the Principal Act is amended by substituting the following for subsection (2):

“(2) Where, for the whole or part of a year of assessment, there is outstanding, in relation to an individual, a preferential loan, the individual shall, subject to subsection (4), be treated for the purposes of section 112 or a charge to tax under Case III of Schedule D, as having received in that year of assessment, as a perquisite of the office or employment with the employer who made the loan, a sum equal to the difference between the aggregate amount of interest paid in that year and the amount of interest which would have been payable in that year, if interest had been payable on the loan at the specified rate and the individual or, in the case of an individual—

(a) who is a wife or husband whose spouse is chargeable to tax for the year of assessment in accordance with the provisions of Chapter 1 of Part 44, the spouse of the individual, or

(b) who is a civil partner whose civil partner is chargeable to tax for the year of assessment in accordance with the provisions of section 1031C, the civil partner of the individual,

shall be charged to tax accordingly.”.

75. Appealable matters

75. The Principal Act is amended to the extent specified in Schedule 3.

76. Taxpayer information

76. Part 37 of the Principal Act is amended—

(a) in section 851A by inserting the following paragraphs after paragraph (m) (inserted by section 65):

“(n) where the taxpayer information is disclosed to an official of the Department of Finance solely—

(i) for the purposes of or in connection with the compliance by the State with its obligations under—

(I) Article 108 of the Treaty on the functioning of the European Union, or

(II) regulations made pursuant to Article 109 of the Treaty on the functioning of the European Union,

or

(ii) for the purposes of or in connection with the preparation of a response to the exercise by the Commission of the European Union of its functions under—

(I) Articles 107 to 109 of the Treaty on the functioning of the European Union, or

(II) regulations made pursuant to Article 109 of the Treaty on the functioning of the European Union,

and

(o) where the taxpayer information is disclosed to the Commission of the European Union solely for the purposes of or in connection with the compliance by the State with its obligations under—

(i) Article 108 of the Treaty on the functioning of the European Union, or

(ii) regulations made pursuant to Article 109 of the Treaty on the functioning of the European Union.”,

and

(b) by inserting the following section after section 851A:

“Use of, and access to, taxpayer information

851B. (1) In this section—

‘Acts’ has the meaning assigned to it by section 851A;

‘processing’ of, or in relation to, taxpayer information, means performing any operation or set of operations on the information or data, whether or not by automated means, including—

(a) obtaining, recording or keeping the information or data,

(b) collecting, organising, structuring, storing, altering or adapting the information or data,

(c) retrieving, consulting or using the information or data,

(d) disclosing the information or data by transmitting, disseminating or otherwise making it available,

(e) aligning, combining, blocking, erasing or destroying the information or data, and

(f) testing, analysing, forecasting, or generalising from the information or data;

‘profiling’ includes any form of processing, whether or not by automated means, of information or data consisting of the use of information or data to evaluate certain personal aspects relating to an individual, in particular to analyse or predict aspects concerning that individual’s economic situation, liability to tax, interests, reliability, behaviour, location or movements;

‘tax’ means any tax, duty, levy or charge under the care and management of the Revenue Commissioners;

‘taxpayer information’ has the meaning assigned to it by section 851A.

(2) Taxpayer information shall be—

(a) processed lawfully and fairly,

(b) collected for one or more specified, explicit and legitimate purposes and not processed in a manner that is incompatible with such purposes,

(c) adequate, relevant and not excessive in relation to the purposes for which it is processed,

(d) accurate and, where necessary, kept up to date; every reasonable step shall be taken to ensure that taxpayer information that is inaccurate, having regard to the purposes for which it is processed, is erased without delay or rectified without delay,

(e) kept in a form which permits identification of individuals the subject of the information for no longer than is necessary for the purposes for which the taxpayer information is processed, and

(f) processed in a manner that ensures appropriate security, including protection against unauthorised or unlawful processing and against accidental loss, destruction or damage, using appropriate technical or organisational measures.

(3) Taxpayer information may be processed or profiled where required for the purposes of the following:

(a) carrying out any functions authorised or obligations imposed on the Revenue Commissioners by the Acts;

(b) administering, raising, collecting, receiving and accounting for tax under the care and management of the Revenue Commissioners;

(c) implementing customs controls;

(d) carrying out or assisting in the prevention, investigation, detection or prosecution of offences or the execution of penalties;

(e) safeguarding against, and the prevention of, threats to persons, property or public security.

(4) Individuals shall, on written request, have the right to—

(a) confirmation as to whether taxpayer information of which they are the subject has been processed and the right to access that processed information, and

(b) confirmation as to whether taxpayer information of which they are the subject has been profiled, the right to information on the basis for the profiling and to access the outcome of such profiling,

except where such confirmation or access would, or is likely to, cause prejudice to one or more of the circumstances specified in subsection (5).

(5) The circumstances referred to in subsection (4)(a) and (b) are the following:

(a) the administration, assessment, collection and recovery of tax;

(b) any enquiry or investigation into a liability or liabilities in relation to tax under the Acts or a liability to foreign tax within the meaning of section 912A;

(c) the investigation or prevention of an offence under the Acts;

(d) the administration and implementation of customs controls;

(e) where the information was given in confidence or on the understanding that it would be treated as confidential;

(f) where it would be contrary to any other express restrictions imposed by the Acts or by any other enactments.

(6) Refusal of requests made under subsection (5) shall be in writing and shall set out the grounds for refusal.”.

77. PAYE modernisation

77. (1) The Principal Act is amended in the manner and to the extent specified in Schedule 1.

(2)
(a) Paragraph 1 and subparagraph (f) of paragraph 4 of Schedule 1 shall apply for the year of assessment 2018 and each subsequent year of assessment in respect of emoluments paid on or after 1 January 2018.

(b) Paragraph 2 of Schedule 1 shall apply for the year of assessment 2019 and each subsequent year of assessment in respect of emoluments paid on or after 1 January 2019.

(c) Paragraph 3 of Schedule 1 shall apply for the year of assessment 2019 and each subsequent year of assessment in respect of an assessment of tax made under section 990 of the Principal Act in respect of an income tax month commencing on 1 January 2019 and each subsequent income tax month.

(d) Paragraph 4 of Schedule 1, other than subparagraphs (f), (m) and (o), shall apply for the income tax month commencing 1 January 2019 and each subsequent income tax month in respect of emoluments paid on or after 1 January 2019.

(e) Subparagraph (m) of paragraph 4 of Schedule 1 shall apply in respect of interest payable on an amount of tax that arises in respect of an income tax month commencing on 1 January 2019 and each subsequent income tax month, and that subparagraph shall not affect the application of the provisions of section 991 of the Principal Act which are amended by that subparagraph as respects liabilities arising in respect of any period prior to 1 January 2019.

78. Amendment of Chapter 4 of Part 38 of Principal Act (Revenue powers)

78. (1) Section 902 of the Principal Act is amended—

(a) by deleting subsection (5), and

(b) in subsection (6) by substituting “the taxpayer concerned shall be notified in writing by the authorised officer of the service of the notice and of the name of the person upon whom it was served” for “a copy of such notice shall be given by the authorised officer to the taxpayer concerned”.

(2) Section 902A of the Principal Act is amended in subsection (3)(ba) by substituting “is likely to lead to serious prejudice to the proper assessment or collection of tax” for “would lead to serious prejudice to the proper assessment or collection of tax”.

(3) Section 906A of the Principal Act is amended—

(a) by deleting subsection (7), and

(b) in subsection (8) by substituting “the taxpayer concerned shall be notified in writing by the authorised officer of the service of the notice and of the name of the person upon whom it was served” for “a copy of such notice shall be given by the authorised officer to the taxpayer concerned”.

(4) Section 908 of the Principal Act is amended in subsection (3)(ba) by substituting “is likely to lead to serious prejudice to the proper assessment or collection of tax” for “would lead to serious prejudice to the proper assessment or collection of tax”.

79. Amendment of section 531AA of Principal Act (interpretation: Part 18C)

79. (1) Section 531AA of the Principal Act is amended—

(a) in subsection (1)—

(i) by deleting the definition of “final decision”, and

(ii) by deleting “and in respect of which a final decision has been made” after “Tax Acts” in the definition of “liability to income tax”,

and

(b) by inserting the following subsection after subsection (1):

“(1A) For the purposes of the definition of ‘world-wide income’ in subsection (1), an individual’s income means the income of an individual before deducting capital allowances and losses.”.

(2) Subsection (1) applies to domicile levy chargeable for the year 2018 and subsequent years.

80. Provision to modify agreements for relief from double taxation

80. (1) Section 826 of the Principal Act is amended by inserting after subsection (1D) the following:

“(1E) Where—

(a) the Government by order declare—

(i) that it has become a signatory to the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (in this section referred to as the ‘Multilateral Convention’) which was done at Paris on the 24th day of November 2016, for the purposes of the modification of arrangements of the type specified in subsection (1), such that—

(I) the extent to which the Government wishes to modify each such arrangement is specified in full in the reservations and notifications made to the Secretary-General of the Organisation for Economic Co-operation and Development (in this section referred to as ‘the Depository’) in accordance with the Multilateral Convention,

(II) any such arrangement may only be modified where the government of the territory outside the State with which the arrangement has been made has completed its own internal ratification procedures in relation to the Multilateral Convention and has notified that arrangement to the Depository, and

(III) a provision of any such arrangement may only be modified to the extent that the government of the territory outside the State with which the arrangement has been made has specified the provision in its notifications made to the Depository in accordance with the Multilateral Convention and there is no incompatibility between the specification of that government and the specification made under clause (I),

and

(ii) that it is expedient that the Multilateral Convention should have the force of law,

and

(b) the order so made is referred to in Part 5 of Schedule 24A,

then, this section shall apply with any modifications necessary to give effect to this subsection, and notwithstanding any other enactment, the Multilateral Convention shall have the force of law as if the order were an Act of the Oireachtas on and from the date of the insertion of a reference to the order into Part 5 of Schedule 24A.”.

(2) Schedule 24A to the Principal Act is amended by inserting after Part 4 the following:

“PART 5

Orders Pursuant to Section 826(1E) in Relation to the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting”.

(3) This section comes into operation on the passing of this Act.

81. Amendment of Schedule 24A to Principal Act (arrangements made by the Government with the government of any territory outside the State in relation to affording relief from double taxation and exchanging information in relation to tax)

81. Schedule 24A to the Principal Act is amended—

(a) in Part 1 by inserting the following after paragraph 21:

“21A. The Double Taxation Relief (Taxes on Income) (Republic of Kazakhstan) Order 2017 (S.I. No. 479 of 2017).”,

and

(b) in Part 3 by inserting the following after paragraph 8AB:

“8AC. The Exchange of Information Relating to Tax Matters (Macao Special Administrative Region of the People’s Republic of China) Order 2017 (S.I. No. 480 of 2017).”.

82. Consequential amendments to the Acts following enactment of Companies Act 2014

82. (1) In this section “the Acts” means—

(a) the Principal Act,

(b) the statutes relating to the duties of excise and to the management of those duties,

(d) the statutes relating to stamp duty and to the management of that duty,

and any instruments made thereunder.

(2) The Acts are amended in the manner and to the extent specified in Schedule 2.

(3) The following provisions of Schedule 2 are deemed to have come into operation on 1 June 2015:

(a) paragraph 1(a) to (y), (aa), (ac), (ad)(i) and (ae) to (bj);

(b) paragraph 2; and

(4) Paragraph 1(z), (ab) and (ad)(ii) of Schedule 2 are deemed to apply to disposals made on or after 1 June 2015.

(5) Paragraph 3 of Schedule 2 is deemed to have come into operation on 1 December 2016.

83. Mergers, divisions and transfers of assets

83. (1) The Principal Act is amended in Part 21—

(a) before section 630 by re-titling Part 21 as:

“PART 21

Provisions Relating to Mergers, Divisions and Transfers of Assets”,

(b) by inserting the following after the title to Part 21 (inserted by paragraph (a)):

“Chapter 1

Mergers, divisions, transfers of assets and exchanges of shares concerning companies of different Member States”,

(c) in sections 630, 637(1)(b) and 638(1) by substituting “this Chapter” for “this Part” in each place where it occurs, and

(d) by inserting the following Chapter after Chapter 1 (inserted by paragraph (b)):

“Chapter 2

Mergers and divisions pursuant to Companies Act 2014

Company mergers and divisions

638A. (1) In this section—

‘division’ means a division undertaken in accordance with Chapter 4 of Part 9 or, as the case may be, Chapter 17 of Part 17 of the Companies Act 2014;

‘merger’ means a merger undertaken in accordance with Chapter 3 of Part 9 or, as the case may be, Chapter 16 of Part 17 of the Companies Act 2014;

‘successor company’ means a company to which assets and liabilities have been transferred from a transferor company as a result of a merger or division;

‘the Acts’ has the meaning assigned to it by section 1077A;

‘transferor company’ means a company from which assets and liabilities have been transferred to a successor company or successor companies as a result of a merger or division.

(2) All liabilities and obligations of, and requirements or things to be fulfilled or done by, a transferor company under Part 38, 41A, 42 or 47, as the case may be, shall for the purposes of the Part concerned be treated as liabilities and obligations of, and requirements or things to be fulfilled or done by, the successor company or successor companies.

(3) In relation to an appeal made under any provision of the Acts by a transferor company or to be made by a successor company, as the case may be, an appeal made by a transferor company shall be treated as an appeal made by the successor company for the purposes of Part 40 or 40A, as the case may be.

(4) Any right of appeal in relation to an appealable matter (as defined in section 949A) conferred on a transferor company shall be treated as conferred on the successor company.”.

(2) This section is deemed to have come into operation on 1 June 2015.

84. Amendment of section 865 of Principal Act (repayment of tax)

84. (1) Section 865 of the Principal Act is amended by inserting the following subsection after subsection (9):

“(10)

(a) In this subsection—

‘successor company’ has the meaning assigned to it by section 638A(1);

‘transferor company’ has the meaning assigned to it by section 638A(1).

(b) Where a transferor company is a person to whom subsection (2) applies, this section shall apply as if any thing done pursuant to it or required to be done pursuant to it by or for such a person or a chargeable person, as the case may be, were, as appropriate—

(i) a thing done pursuant to it, or

(ii) a thing required to be done pursuant to it,

by or for a successor company.

(c) Where there is more than one successor company, any repayment of tax to be made under this section shall, as necessary, be apportioned on a just and reasonable basis.

(d) The amount of any repayment of tax or part repayment of tax to be made to a successor company or successor companies shall not exceed the total amount that would have been made to a transferor company but for the application of this subsection.”.

(2) Subsection (1) is deemed to have come into operation on 1 June 2015.

85. Amendment of section 67 of Finance Act 1988 (capital services redemption account)

85. Section 67 of the Finance Act 1988 is amended by substituting the following for subsection (8):

“(8)

(a) The Minster may, at his or her discretion—

(i) pay moneys into the Account, or

(ii) place moneys to the credit of the account of the Exchequer.

(b) Any moneys paid into the Account under paragraph (a)(i) shall be applied towards defraying the interest and expenses arising on the public debt and, whenever the Minister considers it appropriate, towards the making of payments or repayments in respect of transactions entered into under section 54(7) of the Finance Act 1970.

(c) Any moneys placed to the credit of the account of the Exchequer under paragraph (a)(ii) shall form part of the Central Fund and be available in any manner in which that Fund is available.

(d) In this subsection ‘moneys’ means any sum (including interest received by the Minister on temporary deposits held abroad under section 4(2)(b) (inserted by the Appropriation Act 1969) of the Appropriation Act 1965 and interest received on the Exchequer’s accounts with the Central Bank of Ireland or with the holder of a licence under the Central Bank Act 1971) received by the Minister arising out of transactions entered into under section 54(7) of the Finance Act 1970.”.

86. Report of Minister for Finance

86. The Minister for Finance shall, not later than 9 months after the passing of this Act, prepare and lay before Dáil Éireann a report on the issues relating to making provision in law for a tax on vacant residential property, the administration and implementation of such a tax, the availability of reliable baseline data and the estimated annual revenue from such a tax.

87. Care and management of taxes and duties

87. All taxes and duties imposed by this Act are placed under the care and management of the Revenue Commissioners.

88. Short title, construction and commencement

88. (1) This Act may be cited as the Finance Act 2017.

(2) Part 1 shall be construed together with—

(a) in so far as it relates to income tax, the Income Tax Acts,

(b) in so far as it relates to universal social charge, Part 18D of the Principal Act,

(d) in so far as it relates to capital gains tax, the Capital Gains Tax Acts.

(3) Part 2, in so far as it relates to duties of excise, shall be construed together with the statutes which relate to those duties and to the management of those duties.

(4) Part 3 shall be construed together with the Value-Added Tax Acts.

(5) Part 4 shall be construed together with the Stamp Duties Consolidation Act 1999 and the enactments amending or extending that Act.

(6) Part 5 shall be construed together with the Capital Acquisitions Tax Consolidation Act 2003 and the enactments amending or extending that Act.

(7) Part 6 in so far as it relates to—

(a) income tax, shall be construed together with the Income Tax Acts,

(b) universal social charge, shall be construed together with Part 18D of the Principal Act,

(d) capital gains tax, shall be construed together with the Capital Gains Tax Acts,

(e) customs, shall be construed together with the Customs Acts,

(f) duties of excise, shall be construed together with the statutes which relate to duties of excise and the management of those duties,

(g) value-added tax, shall be construed together with the Value-Added Tax Acts,

(h) stamp duty, shall be construed together with the Stamp Duties Consolidation Act 1999 and the enactments amending or extending that Act,

(i) domicile levy, shall be construed together with Part 18C of the Principal Act, and

(j) gift tax or inheritance tax, shall be construed together with the Capital Acquisitions Tax Consolidation Act 2003 and the enactments amending or extending that Act.

(8) Except where otherwise expressly provided for in Part 1, that Part shall come into operation on 1 January 2018.

(9) Except where otherwise expressly provided for, where a provision of this Act is to come into operation on the making of an order by the Minister for Finance, that provision shall come into operation on such day or days as the Minister for Finance shall appoint either generally or with reference to any particular purpose or provision and different days may be so appointed for different purposes or different provisions.

SCHEDULE 1 PAYE Modernisation

Section 77

Part 5 of the Taxes Consolidation Act 1997 is amended in section 112—

(a) in subsection (2)(a), by substituting “In this section” for “In this subsection”, and

(b) by inserting the following subsections after subsection (2):

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